-Dematerialized New System- Book-Entry Transfer System for Stocks, etc. Kohshi Nagaoka Japan Securities Depository Center, Inc. July 3, 2009. Dhaka, Bangladesh.

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Presentation transcript:

-Dematerialized New System- Book-Entry Transfer System for Stocks, etc. Kohshi Nagaoka Japan Securities Depository Center, Inc. July 3, Dhaka, Bangladesh ACG Cross-Training Seminar Organized by Exchange of Information Task Force

Stock Dematerialization Overview January 5, 2009 Japanese listed Stocks were dematerialized. JASDEC provides several new services under Dematerialized New System. TANSU

–Benefits of Dematerialization -Elimination of costs (printing, stamp duty, registration) -Removal of risk (loss, robbery, forgeries) –Implementation : CP : Corporate Bond : Investment Trust : ETF : Stocks, etc Dematerialization of Securities Certificates

These financial instruments were dematerialized at Jan 5, 2009 Stocks Bonds with Share Option (CB) Investment Units (REIT) Preferred Equity Investment

Statistics of Depository and Book-Entry Transfer System “Pre-Dematerialization” Dematerialized New System, Book-Entry Transfer System for Stocks, etc., implemented. January 5, 2009

What is Depository and Book-Entry Transfer System? “Pre-Dematerialization” Issuer Shareholder Registry Shareholders (Owner of stock certificate) Beneficial Shareholder Registry JASDEC Participant Customer Request for Registration Account transfer Number of Shares Notice of Beneficial shareholders Name Address

What is Book-Entry Transfer System for Stocks, etc.? - Dematerialized New System- Issuer Shareholder Registry JASDEC Direct AMI Indirect AMI Customer Uniform ManagementMulti-Layer Holding Structure Account transfer AMI : Account Management Institution Custodian Bank Financial Institution

How does Multi-Layer Holding Structure work? Transfer Account Book B SecuritiesA Stock Exchange Holding Account Self Account Holding Account Pledge Account Pledge Account Customer Account JASDEC Transfer Account Book Participant A Holding Account Pledge Account 200 C Securities Customer Account 35 Self Account Holding Account Pledge Account 450 Direct AMI B Securities (Self Account 40) Transfer Account Book Participant B Holding Account Pledge Account 350 Indirect AMI C Securities (Self Account 45) A Stock Exchange Participant A Participant B AMI : Account Management Institution

Number of Account Management Institution

What is Uniform Management? Issuer AIssuer BIssuer C Shareholder / Beneficial Shareholder H Administrator of Shareholder Registry D Administrator of Shareholder Registry E Shareholder Registry A B C Beneficial Shareholder Registry A B C Participant FParticipant G Request for Registration Beneficial Shareholder Notice Integration Participant Account Information complicated & inefficient Issuer AIssuer BIssuer C Administrator of Shareholder Registry D Administrator of Shareholder Registry E Shareholder Registry A Shareholder Registry B Shareholder Registry C JASDEC Shareholder H Data for reporting Shareholder Information Integration Participant Account Information Participant Information Old SystemNew System AMI IAMI FAMI G

Protection from AMI’s Miss Record JASDEC AMI Participant Protection Trusts Trustee Operating Committee Trustee Supervisor AMI bankrupt Miss Record bankrupt OBLIGATED “NOT perform of duties” “Perform of duties” claim compensation Participant Trust Contract Assessment Participant Order to PaySupervise Joint and Several Guarantee Joint and Several Guarantee

JASDEC’s Role in Japanese Securities Market Broker Stock Exchange JSCC (DVP Clearing) Net-Net JSCC (DVP Clearing) Net-Net 【 Market 】【 Clearing 】 Broker Custodian Bank 【 Settlement 】 Bank of JAPAN JASDEC 【 Matching 】 Exchange Trade Broker Trade Data Trade Data Trade Data Trade Data Non-Exchange Trade Securities Settlement Cash Settlement JDCC (DVP Clearing) Gross-Net JDCC (DVP Clearing) Gross-Net JASDEC (PSMS) JASDEC (PSMS)

G=gross N= net RTGS: Real Time Gross Settlement BOJ: Bank of Japan JGBCC : Japanese Government Bond Clearing Corporation JSCC: Japan Securities Clearing Corporation JDCC: JASDEC DVP Clearing Corporation PSMS: Pre-Settlement Matching System Securities Market Infrastructure in Japan Stock / CB CP Non-Gov. Bond Investment Trust JGB (Japanese Government Bond) Street Side Customer Side Order Execution Exchanges OTC MatchingJASDEC (PSMS, etc) ClearingJSCCJDCC----JGBCC Securities Settlement JASDECBOJ Type of DVPN-NG-NG-G G-G (RTGS) N-N Cash Settlement BOJ / Settlement Bank

Question & Answer Thank you